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Usage of bitcoin cryptocurrency in international settlements
Type of publication
Straipsnis konferencijos medžiagoje Web of Science duomenų bazėje / Article in conference proceedings in Web of Science database (P1a1)
Title
Usage of bitcoin cryptocurrency in international settlements
Publisher (trusted)
Wydawnictwo Wydziału Zarządzania Politechniki Częstochowskiej |
Date Issued
2016
Extent
p. 109-115
Is part of
Proceedings of the 1st international conference contemporary issues in Theory and practice of management CITPM 2016, 21st - 22nd April 2016 / Czestochowa University of Technology Faculty of Management. Częstochowa : Wydawnictwo Wydziału Zarządzania Politechniki Częstochowskiej, 2016. ISBN 9788365179432.
Description
General: hard copy + electronic copy ISBN 978-83-65179-43-2, hard copy ISBN 978-83-65179-41-8, electronic copy ISBN 978-83-65179-42-5
Field of Science
Abstract
The article covers the analysis of Bitcoin usage opportunities in international settlements. Although the frequencies of Bitcoin usage for daily payments have significantly increased, imperfections of the legal framework still create the barriers to treat this cryptocurrency as an alternative to fiat currencies that are employed for settlements all over the world. Considering its legal framework, Germany can be treated as the country, most advanced in the area of Bitcoin usage regulation: business people, who operate in the territory of the country, or those who serve German consumers without registration of their businesses in Germany are obliged to obtain the licence (authorisation) from German Federal Financial Supervisory Agency (GFFSA). Provision of financial services without GFFSA licence is considered as law violation with imposed fines or imprisonment. The results of the research propose that, due to the small number of the locations, where settlements in Bitcoins are available, treatment of Bitcoin as a criminal currency (Russia, China) as well as poor measures of consumer protection, Bitcoin can be treated only as an alternative to traditional measures of settlement, but not as a substitute to them.
Is Referenced by
Type of document
type::text::conference output::conference proceedings::conference paper
ISBN (of the container)
9788365179432
9788365179425
WOS
(WOS)000385693000015
eLABa
15848795
Coverage Spatial
Lenkija / Poland (PL)
Language
Anglų / English (en)
Bibliographic Details
13